Inter-Blockchain Payment System Launched by Fujitsu

Blockchain technology

Japanese biggest It firm Fujitsu has launched its new payment technology. The technology is geared towards facilitating transactions between Blockchain starting from mid-November 2017. The payment method is meant to provide a means in which different cryptocurrencies can interoperate with each other.

In a statement by the firm, they stated that there is increasingly active around cryptocurrencies and ICOs. In order to effectively carry out transactions between different cryptocurrencies, there is a need for an effective application which will ensure transparency and manage the currency processing between different blockchains.
According to the statement by Fujitsu: “Transactions managed using Blockchains require a reliable application. The application will handle the currency exchange processing at the boundaries between blockchain. This will ensure transparency in a process which have had many ongoing issues.”

The company added that: “Our laboratories have now developed an extension of smart contract technology. This technology interconnects multiple Blockchains by recording their related transaction. The technology will have a link to each currency thus enabling the exchange into a single transaction process that can be automatically executed. Fujitsu has also developed a transaction control technology to synchronize timing execution of the transaction process on each chain.”

Commercialization of the technology

There has been also an announcement by the company to commercialize the technology at the start of 2018. However, the launch will depend on the testing and additional development of the application. They stated that “Fujitsu labs will not stop expanding the technology past currency exchanges. We will also try area like high –trust data exchanges in different firms and contract automation. We are also conducting trials in different fields with the aim of making the project commercial from 2018 and beyond.”

The Fujitsu Company has been committed to exploring commercial applications, especially in Blockchain. Earlier in the year, the company partnered with banking associations in order to explore how Blockchain can be used in the banking sector.